Market surge: Sensex climbs 134 point, Nifty hits 8,500

Mumbai:Markets maintained Monday’s upward trends on Tuesday morning as Sensex surged 134 points and Nifty hit 8,500 again. The gauge had climbed almost 500 points in Monday’s trade on across the board buying amid robust global cues after a solid US jobs report.

The sudden jump in market is induced by sustained buying by domestic investors and foreign inflows ahead of IIP. Firming trend overseas and inflation data to be released later in the day also affected the index positively.

The 30-share index rose 134.12 points or 0.48 per cent, to trade at a fresh 11-month high of 27,760.81, with all sectoral indices led by metal, banking and power trading in the green.

The NSE Nifty too rose 35.55 points, or 0.41 per cent, to 8,503.45.

Brokers said widening up of bets by participants ahead of key economic data – May IIP and June CPI inflation – to be released after market hours today fuelled the upmove.

Asia ruled firm, taking cues from the US, hitting record high on expectations of more stimulus from central banks around the world, which gave Indian markets plenty to look forward to.

While Japan’s Nikkei was trading 2.65 per cent higher, Hong Kong’s Hang Seng was up 0.43 per cent in early trade today. China’s main Shanghai Composite Index also moved up by 0.03 per cent.

The US Dow Jones Industrial Average ended 0.44 per cent higher yesterday.